chessnut

EURGBP EW - Flat correction complete, trend to continue.

FX:EURGBP   Euro Fx/British Pound
187 1 0
The reaction from lows in the EURGBP             was non-impulsive from the start. This is why I have been tracking this flat correction , wherein wave A of an abc may be non impulsive. Wave C is an impulsive ending diagonal . USOIL             recently demonstrated an example of an ending diagonal - When an ending diagonal completes it quickly reverses and retreats to at least the level where it begun. In this case, a drop to 0.74 is in the bag.

The EUR is in trouble but this has been well anticipated of late. With traders enamoured with EURUD Parity we should expect a greater reaction from lows after the trend continues to new lows from this point before we reach parity.
Not to mention, we only just missed the 0.618 fib, a very fitting and fair correction.

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